Related Words

Closed Formulary: The provision that only those drugs on a preferred list will be covered by a PBM or MCO.

Disclosed Dual Agency: Real estate licensing laws may permit dual agency only if the buyer and seller are informed and consent to the brokers representation of both in the same transaction. Although the possibilit . . . View Full Definition

Formulary: A listing of drugs, classified by therapeutic category or disease class, that are considered preferred therapy for a given managed population and that are to be used by an MCO's providers in . . . View Full Definition

Open Formulary: The provision that drugs on the preferred list and those not on the preferred list will both be covered by a PBM or MCO.

Closed-Panel HMO: An HMO whose physicians are either HMO employees or belong to a group of physicians that contract with the HMO.

Closed-End Mortgage: An investment company that has only a set number of shares of the mutual fund that it manages, and does not create new shares if demand increases. Antithesis of an open-end management company.

Closed Transaction: A transaction that is completed within the accounting period: both the purchase and payment or sale and receipt of payment occur within the same accounting period.

Closed-End Fund: Closed-end mutual funds are actively managed funds that raise capital only once, by issuing a fixed number of shares. Like other mutual funds, however, fund managers buy and sell individual . . . View Full Definition

Closed-End Management Company: An investment company that sells shareslike any other corporation and usually does not redeem its shares. A publicly traded fund sold on stock exchanges or over the counter that may trade ab . . . View Full Definition

Semi-Open (Closed) Adoption: Adoption where adoptive family and birth parents may talk, meet and have correspondence after the adoption, but no identifying information is exchanged.